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GMR Airports Infrastructure has approved a plan to raise funds of up to Rs 5,000 crore in one or more tranches, the company informed the exchange in a filing.
On Tuesday, the company stated that the fundraising would be conducted through the issuance of securities, including a Qualified Institutions Placement (QIP) or Foreign Currency Convertible Bonds (FCCBs). "We wish to inform you that the Board of Directors of the company, at its meeting held on August 13, 2024, has inter alia approved the enabling resolution for raising funds of up to Rs 5,000 crore in one or more tranches, through the issuance of securities, including a Qualified Institutions Placement and/or Foreign Currency Convertible Bonds and/or any other securities," the company said. A QIP allows companies to raise capital by selling equity shares or convertible debentures to qualified institutional buyers like mutual funds, family offices, or foreign institutional investors (FIIs). Alternatively, fundraising through Foreign Currency Convertible Bonds (FCCBs) means that the funds raised will be in foreign currency. FCCBs are a combination of debt and equity; they function like regular bonds with coupon and principal payments but also give the bondholder the option to convert the bonds into stock. The company also reported its quarterly results on Tuesday, announcing a consolidated net loss of Rs 258.2 crore for the first quarter that ended on June 30, compared to a net loss of Rs 122.5 crore in the same period last year. Additionally, the company reported that revenue from operations in the first quarter of 2024-25 increased by 19.06 per cent to Rs 2,402.20 crore, compared to Rs 2,017.63 crore in the corresponding period of the previous fiscal year. (ANI)
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